MercoPress. South Atlantic News Agency
Exceptional year 2014 for Argentina's YPF
Miguel Galuccio, CEO of YPF The CEO of the state-owned oil company YPF Miguel Galuccio has assured that 2014 “was an exceptional year” in terms of growth and investment. He pointed out that every goal for the year had been achieved.
“It has been an exceptional year for us. We have achieved everything we set out to,” Galuccio said. “We reached deals with Petronas, with Pampa Energia, we bought Petrobras’ area and we readied the coking plant,” he added.
“YPF had a very good year,” he stressed. “We have worked hard.” The official said that u$s 6,000 millions have been invested and that there was a “30% growth in oil and gas production.”
Galuccio also spoke about his expectations for 2015: “It will be a complicated year in terms of the international scenario. A storm is coming and we will need to weather it,” he explained. However, he pointed out that “nothing has changed.”
“When you have a goal like this, which is to regain energy independence, the important thing is not to lose sight of where you are headed,” Galuccio stressed.
YPF cashed in 38.209 million Argentine pesos in the third quarter of 2014, 57.6 % above last year's figures for the same time spell. Domestic natural gas sales, which went up 86% and those of refined fuel, which soared 64%, account for most of the change in income, with a net profit of 3212 milliones pesos, that is to say 127.2 % above the third quarter of 2013.
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Read all commentsAll this is starting from a VERY low basis for past achievement.
Dec 26th, 2014 - 11:32 am 0Frankly, I cannot see where the domestic numbers were provided for by YPF and what was imported because there is no breakdown.
This coming year is going to be the decider, that's for sure.
Mikey: Reality check. We know the numbers. You are drowning. Peronista principles don't apply to petroleum exploration or production. The rigs will be stacked. The pipelines dry. The tankers will be parked in the port with no funds to pay for their cargo. Bleak indeed. Wouldn't want to be you. Repsol actually got the better end of the deal. Bottom line: Your numbers are to much like INDEC's - comical. LOL.
Dec 26th, 2014 - 12:07 pm 0YPF is a very small, very undercapitalized company. This “growth” and “investment” mainly comes from purchases of other O/G companies in Arg that nobody else wanted to buy.
Dec 26th, 2014 - 12:44 pm 0My guess is at some point in the near future they'll be delisted from NYSE due to accounting irregularities.
Thier largest “potential” asset became worthless this year.
The People of Argentina have lost about U$2B so far in their “investment” and this rout is not over yet.
They have no way to finance anything, nobody wants to invest in VM, and their fields are running dry.
Let's see what happens next year.
To me this year was a total bust for them.
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